(CSPX) iShares Core SP500 USD EUR - Ratings and Ratios

The iShares Core S&P 500 UCITS ETF (USD Acc) ( ticker CSPX ) is a Netherlands-registered exchange-traded fund that tracks the Morningstar US Large-Mid NR USD index, effectively replicating the performance of the S&P 500 total-return series.

Key characteristics:

• Asset class: US Large-Cap Blend Equity
• Structure: physically replicated, accumulating (dividends are reinvested rather than paid out)
• Expense ratio: 0.07 % per annum (one of the lowest in the market, enhancing net returns over the long run)

Recent quantitative signals (as of Q3 2024):

• Weighted average market-cap of the holdings ≈ $150 bn, indicating exposure to the mega-cap tier of the S&P 500.
• Sector weighting is heavily tilted toward Information Technology (≈ 27 % of assets) and Health Care (≈ 13 %), both of which have shown earnings growth rates above the index average in the past 12 months.
• Liquidity metric: average daily trading volume exceeds €200 m, resulting in a bid-ask spread typically below 0.5 bps, which minimizes transaction costs for large investors.

Macro-driven considerations:

• US monetary policy remains a primary driver; the Federal Reserve’s stance on interest rates directly influences equity valuations, especially for growth-heavy sectors like tech.
• Corporate earnings resilience in the face of a moderate slowdown in consumer spending supports the fund’s defensive tilt.
• Fiscal policy uncertainty (e.g., potential tax reforms) could alter after-tax cash-flow expectations for the underlying constituents.

Given its low cost, broad market exposure, and high liquidity, CSPX is a strong candidate for a core long-term equity holding, provided investors are comfortable with the inherent US market risk.

For a deeper dive into the fund’s risk-adjusted performance and scenario analysis, you might explore the ValueRay platform, which offers granular, data-driven tools to stress-test such exposures.